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Bouwfonds has signed a euro5 billion ($4.46 billion) Euro-CP programme. ABN Amro has secured the arrangership. The programme has been rated A-1+ by Standard & Poor's. This facility will run alongside Bouwfonds' euro10 billion secured note programme, which it signed last year. Bouwfonds was set up in 1946 by the Dutch municipalities to promote home ownership for lower-income families. It was 90% owned by the municipalities until August 1999 when ABN Amro gained 49.99% of the voting rights. The dealers are the arranger, Dexia Capital Markets, Dresdner Bank, ING Barings/BBL, Rabobank, SG and UBS Warburg.

Brazil is considering a eurobond issue in the next few weeks to take advantage of relatively calm markets and to beat the usual rush of new issues in January. The speculation yesterday (Thursday) was that the sovereign was looking to do a three year bond of about Eu500m, although no specific mandate has yet been awarded.

British Telecommunications plc this week confounded sceptics by achieving a record $10bn global bond sale, the largest dollar denominated and second largest corporate bond ever launched, helping boost debt market sentiment in a week when several events pointed to an improved outlook for fixed income.

British Telecommunications plc this week confounded sceptics by achieving a record $10bn global bond sale, the largest dollar denominated and second largest corporate bond ever launched, helping boost debt market sentiment in a week when several events pointed to an improved outlook for fixed income.

Market report Compiled by Jim Webber, TD Securities, London.

Canadian Wheat Board has hit the market with its fourth yen trade of the year: a ten-year ¥500 million ($4 .45 million) note to be issued on 20 December 2000.The note pays interest semi-annually and offers a final coupon of 2%. Canadian Wheat Board has only issued once outside yen this year: a $5 million ten-year note issued on 20 September 2000. All of the issuer's notes have had a maturity of 10 years and posted around the $5 million mark.

Commerzbank has confirmed its status as one of the leading players in rand sector. Yesterday, Monday December 4 2000 saw the German bank issue its longest-dated rand trade to date: a R100 million ($15.85 million) fixed-rated trade that matures on December 29 2006. The issue date is December 29 2000. Royal Bank of Canada, which has been responsible for lead managing over half the rand trades this year, was the bookrunner. The trade pays out an annual 12% coupon and was bought by the same investor who snapped up the seven other Commerzbank rand deals this year, according to Thomas Behme at the issuer's treasury. Only the European Investment bank has issued more rand this year. Commerzbank has sold 8 rand notes, raising $145 million. There have been 51 rand trades issued in total this year.

The loan market took a direct hit on Wednesday when Turkey's ninth largest bank, Demir Bank, went into state administration, only two weeks after it signed a $140m loan. But investors were reassured when the Turkish treasury announced that deposits and loans from foreign banks were to be guaranteed.

zech Republic The seven year Eu75m financing for the City of Prague is expected to close in the next two weeks. The facility has been oversubscribed and the borrower is considering an increase. The margin is 32.5bp over Libor over the first four years and 35bp in the last three.

EBS Building Society (EBS) is set to become the second Irish issuer to come to market this year. The Dublin-based mutual plans to sign a euro1 billion ($1.07 billion) Euro-MTN programme in early June 1999. Merrill Lynch has won the arrangership mandate. This means the bank now arranges six of the eight Irish programmes in the market. EBS plans to grab investor attention with an inaugural issue in July but full details of the bond have still to be decided. It will pave the way for future public and private placements. Mike Lennon, head of treasury at EBS, says: "If we go ahead with the public launch the first year's issuance will be more infrequent. We'll meet a lot of our needs from the public deal. But we'll still be in the market for smaller deals that make sense for us." Irish building societies have to meet the challenges of Emu's low interest rate environment. EBS was the first Irish building society to lower its variable mortgage rate below 5% following last month's euro rate cut. And in doing so, it managed to undercut the only other Irish building society in the MTN market, Irish Permanent. Lennon, at EBS, says: "We need to attract a wider array of investors since we're a euro country now." A dealer group with strong geographical distribution has been chosen but EBS is open to reverse enquiry. The named dealers off the shelf are Barclays Capital, Dresdner Bank, SG, Salomon Smith Barney and the arranger. Ratings are expected to be assigned to the programme shortly.